“The company’s board has decided to reject the proposal, among other reasons, because of the amount that was offered,” Aeronautics said in a statement to the Tel Aviv Stock Exchange on Thursday.

The drone maker disclosed the acquisition offer last week.

In November, Israeli police said they were investigating Aeronautics over a deal involving the drone maker. An Israeli court issued a gag order on publication of details of the investigation and identifying the suspects.

Rafael, one of Israel’s largest defense firms, produces the Iron Dome air defense system and the Spike family of guided missiles.